Global Copper Group to Acquire Additional Ontario Cobalt Claims and Non-Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 13, 2016) - Global Copper Group Inc. ("Global Copper") (TSX VENTURE:ICU) is pleased to announce that it has agreed to acquire an additional 3 mineral claims (for total of 9 units) located contiguous to the 8 patented mining claims the Company announced the acquisition of on September 6, 2016. The property is located 5 km east of Cobalt, Ontario and covers approximately 360 acres (144 ha).
The claims will be acquired from Timber Wolf Gold Corp. ("Timber Wolf"), of Cobalt, Ontario for an in consideration of the sum of CDN$25,000 (of which CDN$10,000 is payable on signing of a formal agreement), and 500,000 fully paid and non-assessable shares to be issued and allotted five days following the date the terms of acquisition are accepted for filing by the TSX Venture Exchange. The balance of CDN$15,000 is payable 30 days thereafter.
Timber Wolf is a private corporation 100% beneficially owned and controlled by Michael Johnson, Randy Lawson and Pat Laferriere of Cobalt, Ontario.
In order to finance the development of the group of claims, the Company has agreed to make a non-brokered private placement of up to 10,000,000 units. Of the units to be placed, 3,000,000 will be flow-through units consisting of one share and one-half share purchase warrant. The flow-through units will be placed at $0.07 per unit. One full warrant will be exercisable to purchase one additional non flow-through share at a price of $0.12 for a period of 18 months following the date of closing of the private placement.
The remainder of the offering is a non flow-through offering of up to 7,000,000 units which will be placed at a price of $0.06 per unit. A unit consists of one share and one-half share purchase warrant with one warrant also being exercisable for a period of 18 months at a price of $0.12 to purchase one additional share.
Finder's fees acceptable to the TSX Venture Exchange will be payable in connection with a portion of the Offering.
The terms of the private placement are subject to prior TSX Venture Exchange approval.
The Proteus Property
The property is located in the Cobalt silver camp, which has a long history of silver production, with associated cobalt. The property is underlain by a sequence of Archean volcanics, unconformably overlain by Huronian Cobalt sediments. These formations have been intruded by the Proterozoic-age Nipissing diabase sill. Faulting, on both a regional and local scale, has been identified on the property in both surface mapping and in drill cores. Polymetallic veining, and especially pink/white carbonate veins have also been identified. Thus all the necessary geological components of accepted mineralization models for Ag-Co have been identified on the property.
The property has been explored for silver since the early 1900's. Fifty-five diamond drill holes were completed in three campaigns in 1985-1986, for a total of 31,855 ft (9 709 m). This drilling identified numerous pink and white carbonate veins, with associated significant Ag values as well as the presence of cobalt arsenide minerals. The best value from drill core was 23.34 oz Ag/T over 0.5 ft (800 g Ag/t over 0.15m) in a carbonate vein. Geophysical surveys (IP and Resistivity) were completed in 2011 which has better refined drill targets for future exploration.
Chris M. Healey, P.Geo. a Director of Global Copper Group is the Qualified Person responsible for the technical content of this release and consents to its dissemination.
About Global Copper Group Inc.
Global Copper Group Inc. is a publicly traded Canadian exploration company listed on the TSX-Venture Exchange (TSX VENTURE:ICU) focused on mineral exploration and development. The company plans to acquire, de-risk and advance assets in mining friendly jurisdictions prior to seeking joint venture partnerships.
On behalf of the Board of Directors
Dr. Andreas Rompel, President and CEO
www.globalcoppergroup.com
We seek safe harbor.
The company's profile may also be viewed on www.sedar.com.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Forward-Looking Information
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release. WARNING: The Company relies on litigation protection for `forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act') or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Contact
Global Copper Group Inc.
Daniel Caamano, VP Corporate Communications, or
Judy A. McCall, Corporate Secretary
604.620.7737
www.globalcoppergroup.com